The answer to this question really depends on your particular situation and the reason that you are looking to buy a piece of Boston real estate. If you are looking to buy a home that you love and that you plan to stay in for a while-think 5+ years-then this may be the ideal time for you to buy. However, if you are only planning to stay in a home for a short time or are looking for a property to fix-up and resell immediately, then you probably should hold out.

The market is predicted to fall further, but it's difficult to know exactly when the bottom will hit. And it may be risky to wait too long-for long-term buyers. Buyers are actually in a better negotiating position before the market hits bottom. Sellers are more willing to negotiate on the way down, but as soon as the market begins its upward swing-or sellers begin to hear predictions of an upturn-they won't be as willing. Because there are so many unsold homes on the market right now, buyers are able to negotiate heavily on price and on extras like waived condo fees, closing costs, and more.

If you have the money for a down payment (which is essential right now as mortgage lenders tighten their reins) and you are planning on staying in the property for a while, then this is a great time to buy. You could take your chances and wait till the prices fall more, but, in grand scheme of things, you probably won't see that much lower of a monthly payment. Bottom Line: if this market fits your needs, then go ahead and take the leap.